RMG Wealth Management LLC Invests $449,000 in JPMorgan Chase & Co. $JPM

Key Points

• RMG Wealth Management LLC invested approximately $449,000 in JPMorgan Chase & Co., acquiring 1,540 shares, which now represents 0.1% of their total holdings.
• JPMorgan Chase reported earnings per share of $5.07 for the latest quarter, exceeding analysts' estimates, with revenue reaching $46.43 billion, a year-over-year increase of 8.8%.
• The company announced a quarterly dividend increase to $1.50 per share, up from $1.40, representing a 2.0% yield with an ex-dividend date of October 6th.

RMG Wealth Management LLC bought a new position in JPMorgan Chase & Co. (NYSE:JPM) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,540 shares of the financial services provider's stock, valued at approximately $449,000. JPMorgan Chase & Co. comprises 0.1% of RMG Wealth Management LLC's holdings, making the stock its 29th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of JPM. Kingstone Capital Partners Texas LLC boosted its stake in shares of JPMorgan Chase & Co. by 609,867.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 72,897,211 shares of the financial services provider's stock worth $21,133,630,000 after buying an additional 72,885,260 shares during the last quarter. Nuveen LLC bought a new stake in shares of JPMorgan Chase & Co. in the 1st quarter worth approximately $3,972,807,000. National Bank of Canada FI raised its holdings in shares of JPMorgan Chase & Co. by 44.4% in the 1st quarter. National Bank of Canada FI now owns 4,518,740 shares of the financial services provider's stock worth $1,108,415,000 after purchasing an additional 1,388,992 shares during the period. Strs Ohio bought a new stake in shares of JPMorgan Chase & Co. in the 1st quarter worth approximately $279,389,000. Finally, Alecta Tjanstepension Omsesidigt bought a new stake in shares of JPMorgan Chase & Co. in the 1st quarter worth approximately $278,493,000. Hedge funds and other institutional investors own 71.55% of the company's stock.

JPMorgan Chase & Co. Stock Down 1.9%

Shares of NYSE:JPM opened at $302.11 on Wednesday. JPMorgan Chase & Co. has a 52-week low of $202.16 and a 52-week high of $318.01. The firm has a fifty day moving average of $302.11 and a 200 day moving average of $277.61. The firm has a market capitalization of $830.72 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.13. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.88 and a current ratio of 0.88.

JPMorgan Chase & Co. (NYSE:JPM - Get Free Report) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $5.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.24. JPMorgan Chase & Co. had a net margin of 20.52% and a return on equity of 16.93%. The company had revenue of $46.43 billion during the quarter, compared to analyst estimates of $44.42 billion. During the same period in the previous year, the business earned $4.37 earnings per share. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that JPMorgan Chase & Co. will post 18.1 EPS for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, October 6th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.0%. This is a boost from JPMorgan Chase & Co.'s previous quarterly dividend of $1.40. The ex-dividend date is Monday, October 6th. JPMorgan Chase & Co.'s dividend payout ratio (DPR) is presently 30.79%.

Insider Transactions at JPMorgan Chase & Co.

In other JPMorgan Chase & Co. news, Director Linda Bammann sold 9,500 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $297.94, for a total transaction of $2,830,430.00. Following the completion of the sale, the director directly owned 82,207 shares in the company, valued at $24,492,753.58. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.47% of the stock is currently owned by insiders.

Analyst Ratings Changes

JPM has been the topic of a number of research reports. Robert W. Baird cut shares of JPMorgan Chase & Co. from a "neutral" rating to an "underperform" rating and set a $235.00 price target on the stock. in a report on Friday, June 27th. Bank of America lifted their price target on shares of JPMorgan Chase & Co. from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Phillip Securities cut shares of JPMorgan Chase & Co. from a "moderate buy" rating to a "hold" rating in a report on Wednesday, July 16th. UBS Group boosted their target price on shares of JPMorgan Chase & Co. from $339.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Finally, Baird R W cut shares of JPMorgan Chase & Co. from a "hold" rating to a "strong sell" rating in a report on Friday, June 27th. Fifteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, JPMorgan Chase & Co. currently has a consensus rating of "Hold" and a consensus price target of $318.70.

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate.

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